Introduction TDS compliance is not a one-size-fits-all solution. Different industries, such as manufacturing, media, and technology, face unique challenges when dealing with foreign remittances. This blog dives into real-world case studies, uses figures to provide clarity, and offers practical steps to ensure smooth compliance while avoiding tax disputes. Key TDS Challenges by Industry 1. Manufacturing:…
In today’s globalized economy, companies frequently engage non-resident consultants for services ranging from IT advisory to legal opinions. While such arrangements boost operational efficiency, they also trigger TDS liability under Indian tax law, particularly under Section 195 of the Income-tax Act, 1961. This blog simplifies the taxability of cross-border consulting payments, with practical case studies,…
Join renowned speaker Darshak Shah as he analyzes the direct tax provisions of the Union Budget 2023 in an insightful webinar hosted by Taxguru Platform. Taking place on February 11th, 2023, from 11:00 AM to 1:00 PM, this webinar will delve into key aspects of the budget’s impact on taxation. Topics covered include changes in…
In this YouTube video, CA Darshak Shah and Kshitij Sheth engage in a comprehensive discussion on the impact of the Union Budget 2023-24 on corporate taxes, the Indian economy, and the financial markets. With the presentation of the budget by the Union Minister of Finance and Corporate Affairs, Smt. Nirmala Sitharaman, on February 1st, 2023,…
1. Companies are set to get alerts and showcause notices from the Registrar of Companies (RoC) whenever they default on a statutory filing obligation. 2. CBDT amends Rule 17 & Form 10 providing accumulation of income by entity approved u/s 10(23C) Notification No. 96/2022, dated 17-08-2022. Under the provisions of the Income-tax Act, trust or…
1. Income Tax Window is now open to file Income Tax return for FY 2019-20 and FY 2020-21 if one has missed filing it and for filing updated return if one has under reported income in the tax return filed for these years. With additional tax liability of 50% for FY 2019-20 and 25% for…
Recently, in the INSTRUCTION F. NO. 225/101/2021-ITA-II, DATED 23-4-2022, The CBDT provided for constitution of ‘Local Committees to deal with Taxpayers’ Grievances from High-Pitched Scrutiny Assessment’ in each Pr.CCIT region. The purpose of constitution of Local Committees is to effectively and efficiently deal with the genuine grievances of taxpayers and help in supporting an environment where…
Article titled “Beware from Taxman while taking an unsecured loan.” got selected for Publication on Taxguru The article briefly touches on the budget Budget 2022 puts more responsibility on taxpayers in case of loans or borrowings raised. The article can be accessed here: https://taxguru.in/income-tax/beware-taxman-unsecured-loan.html
1. The tax office says the issue of shares to existing shareholder @ face value is not allowed 2. Mumbai Tribunal in Sudhir Menon HUF case held that in case of proportionate allotment of shares, there would be no taxability u/s 56(2)(vii)(c)(ii) 3. This is because the gain accruing on the allotment of fresh shares will…
